Joe Sitt's Thor Equities is in contract to purchase the James hotel in Soho. There are currently 30 hotels on the market; only two hotels have sold this year for over $200 Million. In times of volatility, the weak flee, while the visionaries capitalize. It's finally a buyers market, and the biggest players in the game are flocking towards great deals. The James hotel was previously purchased in 2013 for $83.4 Million by Prudential Real Estate Investors. The firm is selling the hotel at a $13.4 Million dollar loss at a price of $614,000 per key. Joe Sitt has proven his acumen with the recent sale of 693 Fifth Avenue. The tycoon purchased the property in 2010 for $142.5 Million, he struck it big when he got Valentino to rent the 19,600 square-foot retail space at a staggering $3,000 per square-foot. Thor turned around and sold the property earlier this year for a record price of $525 Million. The deal was completed as an off-market transaction. In the words of Warren Buffett "I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful." Get the full details by clicking on the title.
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